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The IUP Journal of Knowledge Management

Research Note:
Knowledge from the Marketplace: The Next Generation Socioeconomic Engagement

Article Details

Pub. Date	: Jan, 2022
Product Name	: The IUP Journal of Knowledge Management
Product Type	: Article
Product Code	: IJKM030122
Author Name	: Sidharta Chatterjee and Mousumi Samanta
Availability	: YES
Subject/Domain	: Management
Download Format	: PDF Format
No. of Pages	: 13

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Abstract

The social space is a wonderful place for online engagement, data or information sharing, and advertisement of products and services. In digital space, users engage with others participating as customers, stakeholders or viewers. Such engagements generate huge amount of social data that reveal how users engage online on social media, what they like or dislike, and how they behave as consumers. This data-when extended to social media marketing-could be employed as an important material for conducting research on how social knowledge obtained from user engagements could be useful for marketing (Evans, 2010; Kennedy, 2015; and Chatterjee and Samanta, 2021). Indeed, it is imperative for businesses to advertise their products on social media to succeed nowadays (Kennedy, 2015). A lot of information could be gathered from online advertisements, about different products, their pricing, manufacturers, etc., that becomes knowledge for data mining firms analyzing the impact of user engagements on social media marketing these days. Data, information, and knowledge constitute the most valuable among all the resources found globally today. These intellectual resources are the products of human cognitive activities. Driven by data, it has brought the engines of economies into a new track. A point to which we could attach a great deal of importance is that data and knowledge are playing a greater role in today's modern economies than ever before. So much so that several large multinational companies now promote themselves as 'data firms' (Smith and Zook, 2019). Today, data is an "asset", and it determines success of most business firms: many firms are data and knowledge-driven (Mukherjee et al., 1998; Clarke, 2001; Fisher, 2009; Niculescu, 2015; and Grover et al., 2018). In fact, the term knowledge economy has become a common jargon today. This has largely been possible due to market automation, evolution in digital communication technologies, growth of social media, and the birth of internet-based social networking platforms.

Introduction

The social media witnessed a rapid evolution too in the backdrop of rapid growth in internet technologies, which laid the foundations of Digital Social Networks. Therefore, it is the social 'information in networks' (Sundararajan et al., 2013) which is helping users to communicate and share information, or discover products online, whether from Google search, Amazon or Flipkart, Alibaba, Facebook Marketplace, or at any other online store. Indeed, small businesses and individual traders are